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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2901
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Three yars ago I declared chapter 7 bankruktcy. I was discharged

Resolved Question:

Three yars ago I declared chapter 7 bankruktcy. I was discharged from debts. But 3 years before bankruptcy I bought a business from previous owner . I tried to repay (even after bankruptcy) this loan, but now I unable to pay it anymore. Did my bankruptcy erased this loan (he sad no). Can I stop payng now? What kind an option I have? I paid almost 90% this sum, about $27000 out of $30000.Now with slow economy (it is a taxi cab company) I no longer can afford make payments.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 8 years ago.
If you listed the loan in the bankruptcy, and did not reaffirm the debt, then it is discharged in the case. If there was collateral involved, then he may have the right to the collateral back, perhaps the medallion, depending on what security agreement was in place.

If you did not list the debt, then you are on the hook for the loan.
If you did list the debt, and you did reaffirm, then you are also on the hook for the loan.
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